Finra decreases lobbying expenses

Oct 28, 2012 @ 12:01 am

By Dan Jamieson

The Financial Industry Regulatory Authority Inc. cut its lobbying expenditures by 8.4% over the first nine months of this year, compared with the comparable period last year.

According to its latest lobbying report, filed Oct. 19 with Congress, Finra spent $760,000 through September on lobbying lawmakers and the Securities and Exchange Commission. That is down from $830,000 during the year-earlier period.

Finra has been lobbying on the investment oversight bill, HR 4624, among other issues.

That bill, written by House Financial Services Committee Chairman Spencer Bachus, R-Ala., would require all retail advisers to join a self-regulatory organization.

SHELVED THIS YEAR

But the legislation was shelved this year when the committee failed to vote on the measure before Congress adjourned.

A competing bill, written by Rep. Maxine Waters, D-Calif., would allow the SEC to fund adviser exams through user fees. A revised SRO bill is expected to be reintroduced next year.

Broker-dealers generally support Finra's efforts to take on adviser oversight, but some member firms question the lobbying expenditures in light of the organization's continuing losses and member fee increases that went into effect this summer.

Finra spokeswoman Michelle Ong declined to comment.

djamieson@investmentnews.com Twitter: @dvjamieson

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Fireside chat with new firms at Fuse

Fuse continues to attract new fintech firms to the event every year. Hear directly from the newcomers of Asset-Map and Quik! as to why they chose to attend.

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

HighTower faces pressure to let investors cash out

After an IPO planned for last year didn't happen, the company could opt to satisfy its backers with a sale.

Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

After a decade of litigation, fees are lower and retirement plans are more transparent. But have the lawsuits gone too far?

10 best financial adviser jokes

How many financial advisers does it take to screw in a lightbulb?

With margins crashing, broker-dealers look to merge: report

Increased regulation is straining profit margins among broker-dealers, sending many of them into the arms of their bigger brethren.

Hackers may have profited from SEC breach

The hack of the agency's Edgar filing system occurred in 2016, but the regulator didn't conclude until last month that the cybercriminals may have used their bounty to make illicit trades.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print